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Global Innovation Consultancy Trends

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Global Innovation Consultancy Trends: Technology

Adopting the latest technological advancements and the use of innovation management systems are some trends in the global innovation consultancy space. Detailed information on the trends is below.

1. Adoption of the Latest Technology

  • According to Globe News Wire, one trend in the global innovation consultancy space is the adoption of the latest technological advancements.
  • The trend is especially popular with innovation consultancy firms in the North American region, which is expected to have the sector’s largest market size.
  • Companies in the region have been adopting the latest technology, such as artificial intelligence (AI) and cloud, and integrating these with other technologies in innovation consultancy solutions.

What’s Driving the Trend

  • Globe News Wire says that the increase in the adoption of the latest technological advancements in innovation consultancy firms in North America is driven by “the presence of rigorous government standards and regulations framed for various industries.”

A Company at the Forefront of the Trend

  • Accenture is an example of a global innovation consultancy firm that has adopted the use of artificial intelligence. The company has created ‘Applied Intelligence,’ a unique approach it uses to “combine AI with data, analytics, and automation under a strategic vision to scale AI and transform business—across every function and process.”
  • Accenture leverages the power of AI to unlock new insights to help its clients offer excellent customer experiences at a reduced service-cost per customer.
  • The firm helps its customers to implement and scale AI-powered solutions for products, customers, and channels. AI breaks down data into customer insights, helping to create new strategies and capabilities for optimizing revenue growth.

2. Use of Innovation Management Systems

  • The second trend in the global innovation consultancy is the use of innovation management systems by industry players.
  • The innovation management systems are being used to help implement the innovation strategy, and they take into account the unique features of innovation projects, such as the required flexibility, creativity, and the high-risk profile of activities.

What’s Driving the Trend

A Company at the Forefront of the Trend

  • KPMG is an example of a global innovation consultancy firm that uses an innovation management system.
  • The company uses a special governance model to support its clients in innovation management system implementation.

3. The Highest Growth in IT and Telecommunications

  • According to MarketsandMarkets Research, sectors under global innovation management are expected to highly adopt innovation management solutions to help lower risks, create transparency in the innovation process, and improve efficiency.
  • The global innovation management industry is to grow at a compound annual growth rate (CAGR) of 12.6%. The Information technology and telecommunications vertical is forecast to grow at the highest growth rate between 2020 to 2025.

What’s Driving the Trend

  • The IT and telecommunications sectors are expected to grow at the highest growth rate because of the growing need for creative and innovative ideas, according to MarketsandMarkets Research.
  • The trend is also driven by the high adoption of innovation management solutions among large enterprises due to the “increased generation of data, which is attributed to the widespread geographical presence and broad customer base.”

A Company at the Forefront of the Trend

  • KPMG in Germany is an example of a company at the forefront of the trend.

Global Innovation Consultancy Trends: Economics

COVID-driven demand and skills shortage are economic trends in the global innovation consultancy space. COVID-19 pandemic has greatly influenced both trends.

COVID-Driven Demand

  • COVID-19 has fast-tracked innovations in many companies. According to a recent survey, over 60% of the respondents felt that the pandemic has created a need to hasten their digital transformation initiatives.
  • Moreover, the onset of COVID-19-related challenges prompted many companies to look for innovations that could solve the challenges on condensed timelines. In many cases, the rapid technology deployment is nurturing successful innovation and assisting firms overcome the COVID-related challenges.
  • The rush has also created a surging demand for innovation consultancy services as more companies grapple with the impacts of the pandemics.
  • COVID-driven demand for innovation consultancy services trend is being spurred by the need by companies to recover quickly from the pandemic and build resilience. Another accelerant is the desire to address the COVID-19 related challenges for business continuity.
  • One of the companies at the front of this trend is KPMG. The company has positioned itself to help companies navigate the uncertainties and prepare for the new normal. KPMG is working with companies in every industry to help them deploy emerging technologies in response to COVID-19 challenges and disruption.

Skills Shortage

  • Skills shortage trend in the global innovation consultancy space is also linked to the COVID-19 pandemic. The pandemic created a need to transition to remote working and embrace digital capabilities within short timelines. Thus, companies are working to react to the ever-expanding crisis and demanding new normal guidelines in the workplace.
  • The remote working environment has helped employees discover new ways of working that are more than method, technology, or model. Today, employees are placing results and place ahead of organization structure.
  • As a result, attracting and reskilling the current talent for new roles is hinged on the availability of learning opportunities and flexible experiences. Research shows that 59% of executives feel that there is an industry-wide shortage of the right skills to fast-track digital transformation initiatives. Moreover, 59% have observed the need to reskill the current workforce.
  • Skill shortage trend is being driven by the need to embrace new ways of working in the wake of COVID-19 pandemic. Specifically, remote working has prompted companies to invest in digital innovations that most employees were not accustomed to.
  • One of the companies at the front of this trend in the global innovation consultancy space is EY. EY, through its EY Badges program helps employees to gain digital credentials. The program helps organizations to develop large pools of skilled talent.

Global Innovation Consultancy Trends: Politics / Social

Experimental government is a political trend while interdisciplinary collaboration is a social trend in the global innovation consultancy space. Democracy Earth is an organization that developed a blockchain voting solution in order to boost confidence in government institutions. Cisco and Schlumberger collaborated to create a ‘First Mile Wireless for Drilling (FMWD’) solution for data sharing and full collaboration in the oil and gas industry to deliver integrated services.

Political Innovation

Experimental Government

  • Governments and organizations in the political space are using existing resources and tools differently, and leveraging new strategies to modify their work to create new solutions for new or incessant problems.
  • With an increasingly complex and changing environment, public innovation experts have been promoting experimental government to confront policy issues in today’s world.
  • To gather evidence and knowledge on “what works or what could work better in a cost-efficient way“, experiment and iterative learning are important. The innovation process involves dealing with uncertainty and accepting that experiments do not always work as expected.
  • Governments can continually explore new solutions and minimize costs by carrying out tests and validation of “new ideas and solutions at a manageable scale before diffusing and scaling-up successful experiences”.
  • Countries that have made progress in innovation have placed continuous emphasis on the “importance of innovation from the highest levels of government” and in order to create an experimental government, countries require the political space to accomplish it.
  • Democracy Earth, a civic tech organization, introduced a blockchain voting solution. By using blockchain technology, the organization tested the concept of a voting system that enables public decision-making and elections to be collectively audited with the ultimate aim of ensuring trust in government institutions.

Social Innovation

Interdisciplinary Collaboration

  • According to Frost & Sullivan, one of the most central and promising features of social innovation is the concept of convergence, which involves connecting industries, technologies, business models, and products by dissimilar stakeholders in order to achieve optimal solutions.
  • A report by the European Commission stated that “social innovation to increase capabilities and wellbeing is not only a project for the public sector, system change for capabilities and wellbeing requires a cross-sector approach. To reinforce system change at corporate level and system level, it can’t be corporations operating on their own in isolation.
  • Projects are usually huge and complex, therefore the smooth implementation of integrated innovative solutions will always involve high levels of partnership.
  • The collaborative spirit has found wider application through the online community’s expanded reach, crowdsourcing and crowdfunding are rapidly becoming popular means of engagement.
  • Digital platforms are providing a larger base for public engagement and are making many more social initiatives to integrate voices that have been neglected previously.
  • The Dahej desalination plant is an example of a successful collaboration between the public and private sectors. It involves an international partnership between Singapore and Japan to support urban development and industrial growth in India.
  • Cisco and Schlumberger have partnered to create a ‘First Mile Wireless for Drilling (FMWD’) solution for the oil and gas industry which enables data sharing and full collaboration to deliver integrated services.
  • NemID is a unique digital identity created for Danish citizens to gain access to both government and private services such as postal services and internet banking.
GLENN TREVOR
Glenn is the Lead Operations Research Analyst at Simple Manifestation with experience in research, statistical data analysis and interview techniques. A holder of degree in Economics. A true specialist in quantitative and qualitative research.

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